Title: GENERAL
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
The Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Avesta Housing Development Corporation, including federal awards passed through other government agencies, except for federal awards expended by certain entities affiliated with the Corporation provided by the U.S. Department of Housing and Urban Development and the U.S. Department of Agriculture. These federal award programs have been audited and reported on, in accordance with the provisions of Uniform Guidance, when required, at the entity level. Therefore, such federal award expenditures have not been included on this schedule. Entities subject to Uniform Guidance and the amounts included on their respective Schedules of Expenditures of Federal Awards are as follows:
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Noble Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 1,417,537
Expenditures: 1,417,537
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Jordan Bay Place
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 1,865,199
Expenditures: 1,865,199
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Five Graham Street
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 2,807,121
Expenditures: 2,807,121
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Edgecomb Woods
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 2,247,817
Expenditures: 2,247,817
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: South Windham Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 3,196,452
Expenditures: 3,196,452
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Hill Street Terrace Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Cluster: Section 8 Project-Based Cluster
Program Title: Project Based Rental Assistance (PBRA)
Assistance Listing Number: 14.195
Grant or Award Amount: 548,373
Expenditures: 548,373
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Hill Street Terrace Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Agriculture
Program Title: Rural Rental Housing Loans
Assistance Listing Number: 10.415
Grant or Award Amount: 3,431,860
Expenditures: 3,431,860
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Financial assistance received directly from federal agencies as well as federal financial assistance passed through state agencies and other institutions are included on the schedule.
Title: RELATIONSHIP TO CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200:516, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements.
Title: MORTGAGE LOAN BALANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Federal expenditures for Program 10.415 represent the loan balance as of the beginning of the audit period. The balances at December 31, 2024 and 2023 were $800,180 and $808,270, respectively.